Today’s issue of WorkCompRecap features Valen Analytics’ release of the results of the its third annual ROI study, which highlights the evolution of data-driven insurers and their ability to consistently outperform the market.
Results were calculated from 20 workers’ compensation customers, totaling $1.8 billion in premium, and key findings included that from 2012-2017, customers collectively saw loss ratio improvement of 3-9 points better than the industry average, while achieving 53% direct written premium growth, compared to 18% growth for the market. For the first time, Valen’s study also isolated insurers with profitability challenges prior to the implementation of a predictive analytics program, and found that on average, this group of insurers experiencing loss ratios of 60% or more dramatically improved loss ratios to mirror the market average within the first year (from 2012-2013).
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